Major holidays often precede subdued market performance due to investor anxiety over potential unforeseen events during the break. Concurrent with a broad sell-off in U.S. stocks, both Hong Kong and mainland markets succumbed to pressure today, with the Hang Seng Index declining by 1.72%. Stronger-than-expected U.S. January non-farm payroll data caused the probability of a March Fed rate cut to plummet from 20% to 8%. Should tonight's CPI data provide further impetus, equity markets would face additional headwinds. An AI-driven panic triggered a Nasdaq drop exceeding 2%, sparking various chain reactions. For instance, gold prices fell as investors liquidated holdings to cover margin calls and bolster liquidity amid the stock market plunge—a common occurrence not indicative of deteriorating gold fundamentals.

The repeatedly highlighted large model concept demonstrated significant strength. KNOWLEDGE ATLAS (02513) announced a price increase for its GLM Coding Plan, a subscription-based package designed for AI coding. The company cited persistently strong market demand, rapid user growth, and increased usage volume. This pricing power is underpinned by its capabilities: GLM-5 ranked first among open-source models on three major Agent evaluation benchmarks; its coding ability approaches that of Claude Opus 4.5; and doubled model parameters have directly increased inference costs. In the current phase of large model development, survival of the fittest prevails, with consumer-adopted models achieving monetization. The price hike served as a potent catalyst, driving KNOWLEDGE ATLAS (02513) shares up over 20% today. MINIMAX-WP (00100) also surged more than 15%, with both stocks hitting record highs. Expectations are that foreign capital will focus on driving up these share prices during the Spring Festival holiday when mainland funds are absent.

On February 12, the Ministry of Industry and Information Technology solicited public comments on mandatory national standards including the "Safety Requirements for Automated Driving Systems of Intelligent Connected Vehicles." This standard will replace the recommended national standard "General Technical Requirements for Automated Driving Systems of Intelligent Connected Vehicles." Key differences include the addition of safety assurance and certification systems, and the establishment of product access conditions, such as clarified L3/L4 level classifications and detailed technical indicators with simulation testing requirements. The intelligent driving sector rallied strongly on this policy impetus, with Nexteer (01316) rising nearly 8%, Zhejiang Shibao (01057) gaining over 6.32%, and both Minth Group (00425) and Youjia Innovation (02431) advancing more than 2%.

CEO Wang Xingxing stated, "The biggest driving or uncertain factor behind the robotics industry or embodied AI industry is currently dominated by AI, but the growth curve may become increasingly steep. If breakthroughs in embodied AI models and robotics technology achieve large-scale application in the coming years, the fervor could be at least 100 times, even 1,000 times, greater than today. This excitement, I believe, would far surpass that of the mobile internet era. Therefore, the current stage is definitely not the peak; we are likely still in a climbing phase or a plateau within that ascent." While the robotics sector overall is indeed in a climbing stage, its development potential remains immense. MicroPort Robot-B (02252) announced that, as of the announcement date, global commercial orders for its core product, the Toumai laparoscopic surgical robot, had exceeded 200 units, covering nearly 50 countries and regions, with nearly 130 units commercially installed. The Toumai remote surgical robot has received market approval in nearly 10 countries including China, India, and Brazil. To date, Toumai has completed nearly 800 remote surgeries across over 20 countries, maintaining a 100% success rate. These impressive results drove its shares up over 11% today, also boosting DOBOT (02515) by more than 8% and Ubtech (09880) by over 5%.

Other movements were stock-specific. Tiangong International (00826) saw its subsidiary Tiangong Aihe join the "Fusion High-End Metal Materials R&D Joint Laboratory," marking a substantive step for the company in the R&D and engineering verification of key metal materials for nuclear fusion. The company has already developed critical materials for the forefront of nuclear fusion, meeting national application needs, leading to a share price increase of over 6% today. Walchem Nuclear Material (09981) listed on the Hong Kong stock exchange today, demonstrating resilience in a weak market. Its H-shares were simultaneously included in the Southbound Stock Connect list upon listing. This means mainland funds can purchase the stock on the very first day. From day one, liquidity is supported not only by international placement but also by direct access to southbound capital. This arrangement highlights regulatory support for new listings, further safeguarding the Hong Kong market's IPO environment.